Could barely get a Fedex labeled printed back in early March when the Russia-Ukraine conflict broke out. Fedex stopped shipping to both regions at that point and most shipments out of Asia were badly backed up. Compound to that the Shanghai lock down shortly after that went on for several months. China -> US shipments didn't pickup back after china opened up. In fact, US appears to becoming more locally resourceful and independent of Asia exports.

Cumulatively this is a major shift, and Fedex is losing business from most overseas air freight.

FreightAlley on twitter goes into a bit more of what Fedex Missed in forecasting.

Will be interesting to follow how global macro decouples from the old order in the next few months.